Northlight Capital Partners (NCP), a real estate debt and equity investment manager, has completed its second and final close of Northlight Real Estate Opportunity Fund I, with total commitments of USD104.5 million.
The institutional investors in the fund, which will invest in distressed commercial mortgage loans and real estate owned properties and portfolios held by banks and non-bank financial institutions, are exclusively clients of The Townsend Group.
NCP previously helped source, acquire, and manage over 25 commercial real estate investments for a partnership managed by Northlight Financial, a NCP affiliate. These investments include a portfolio of luxury resort properties across the Western US; debtor-in-possession loans to Atlantic Club Casino, a casino-hotel based in Atlantic City, and Specialty Trust, a mortgage REIT based in Reno, NV; and the bankruptcy exit financing for Specialty Trust.
NCP plans to continue to opportunistically acquire commercial real estate and land portfolio assets across North America.
Chief investment officer Ben Gerig says: “We are thrilled to have Townsend and its clients invest with us in our inaugural institutional fund. We look forward to working with the Townsend investment team to execute on our strategy.”
Scott Booth, principal with The Townsend Group, says: “Our macro investment committee identified an investment theme which it firmly believed provided an attractive risk and return trade-off in the current market environment. Then our fund/manager underwriting team identified Northlight, in which it had strong conviction, to execute the strategy. Townsend worked with Northlight to deliver a fund solution exclusively for our clients.”